Lewis Hamilton will extend his record-breaking career in Formula 1 beyond his 40th birthday after signing a new contract with Mercedes.

The Silver Arrows confirmed ahead of this weekend’s Italian Grand Prix that Hamilton, 38, will continue to drive with them for 2024 and 2025.

It is anticipated the new deal will earn the Brit in the region of £50million a year.

The announcement ends speculation surrounding the seven-time world champion’s future on the grid with his current deal up for renewal at the end of 2023. 

Mercedes will stick with their all-British line-up until at least the end of 2025 with George Russell, 25, continuing to partner Hamilton.

Hamilton said: “We dream every day of being the best and we have dedicated the past decade together to achieving that goal.

“Being at the top does not happen overnight or over a short period of time, it takes commitment, hard work and dedication and it’s been an honour to earn our way into the history books with this incredible team.

“We have never been hungrier to win. We have learnt from every success but also every setback. We continue to chase our dreams, we continue to fight no matter the challenge and we will win again.

“I’m grateful to the team who have supported me both on and off the track. Our story isn’t finished, we are determined to achieve more together and we won’t stop until we do.”

Hamilton has won a record 103 races and stands on seven world titles but he has not tasted victory since controversially missing out on an eighth world crown with defeat to Max Verstappen in Abu Dhabi in 2021.

He is fourth in the standings ahead of this week’s race in Monza, an eye-watering 183 points behind Verstappen, with Mercedes unable to challenge the Dutchman’s all-conquering team. 

Verstappen has won 11 of the 13 rounds so far with Red Bull unbeaten this season.

But Hamilton still harbours hopes of winning a record eighth title and his contract extension will see him remain at Mercedes there for a 13th year.

Mercedes team principal Toto Wolff said: “Our partnership with Lewis is one of the most successful in the sport’s history. 

"It was always a formality that we would continue together – and it’s energising for us all to be confirming that publicly.

“His qualities as a pure racing driver are illustrated by his remarkable track record, but over our years together, he has grown to become a pillar and leader of our team. 

"Those leadership qualities are crucial as we focus on fighting for world championships again.

“As F1’s biggest global star, he has also played a key role in shaping our commitments to diversity, inclusion and sustainability, that will be foundations for our success in the years ahead.”

Following three years at Williams, Russell joined Hamilton at Mercedes in 2022, out-scoring his team-mate in their first season together. 

He also claimed his maiden victory at the penultimate round of the season in Brazil.

Russell said: “I have grown up with this team ever since joining as part of the junior programme back in 2017. It’s my home and it feels fantastic to extend our special relationship through 2025.

“After stepping up to the Mercedes race seat last year, I wanted to reward the trust and belief that Toto and the rest of the team placed in me.

“Taking my first pole position and race win last year was an unforgettable feeling. 

"More importantly, though, it’s been great to work with everybody at Brackley and Brixworth to make progress with our car and push forward our development. Their loyalty, vision and hard work is inspiring.

“We have made some significant steps over the last 18 months and are only getting stronger as a team. 

"I’m excited to help continue to build on that momentum as we progress into 2024 and 2025 as we continue to focus on returning to the very front of the pack.”

Wolff added: “We have the strongest pairing on the grid and both drivers are playing a crucial role in the team to move us forward. The strength and stability they provide will be key building blocks for our future success.

“George is a leading light of his generation. He has repaid the faith we showed in him when promoting him to a race seat in 2022.

“His maiden pole position in Hungary and first victory in Sao Paulo were standout moments last season. 

"As a driver, he combines razor-sharp speed with the tenacity of a true fighter. But he brings, too, an intelligence and attention to detail that will help him to continue to grow, develop and improve further.

“He is a natural fit to the team and we are delighted to have extended the relationship for the coming years.”